32% of Owners Want to Move out of Wales. despite the Lowest Business Costs
Byline: MARTIN WILLIAMS
A THIRD of small business owners want to move out of Wales... despite the country having the lowest costs in the UK. A study of 750 businesses, backed by the ONS' (Office of National Statistics), Make it Cheaper website and the Centre for Economic and Business Research (Cebr), found London has the highest business-related costs for entrepreneurs.
Jonathan Elliott, Managing Director of Make It Cheaper, told Business Post: "Small business owners have fought tooth and nail through recession - cutting costs where they can and even raiding personal finances - to try to stay afloat.
"It is a sign of the significant costs pressures SMEs are under that relocation is on the table for many."
The study found Wales is the cheapest place to run a small business in mainland UK, according to the SME Business Cost Index.
Wales was found to have business costs 4% lower than the national average, followed closely by the north east (3.8% lower) and then Yorkshire and the Humber (3.5% lower).
At the other end of the scale, it requires more investment to operate an SME Jonathan Elliott in London than anywhere else in the country with business costs 16% higher than the national average.
This is, perhaps, not surprising with labour and commercial rents around 40% higher in the capital than the UK average. …